So, your announcement is hot off the press, but for how long? Let us show you when to strike :).
Press releases and big announcements can be the big push and reveal that when executed well, can greatly benefit the company making the push and those involved in it. For tech startups, this can mean a stronger user base, more partners, and better investors. In our experience, there are times when these announcements fail to get the desired results. This can happen when a mismatch with what constitutes as press-worthy is sent out, and it doesn’t capture the attention of the media.
Successful press releases rely on a balance of good content, timing, and relevance. We wince a little whenever companies miss that mark due to hesitation and despite their best efforts, see potential opportunities fizzle away.
Ideally, the press release should be planned to be sent out in tandem with what’s happening. The later the date from the event to the press release, the tougher the climb. Failing that, here are some timelines if there are delays and alternatives we suggest if you’re rocking up late to the party.
Fundraising - 3 months
Having investors believe in you enough to put their money where it counts is a big announcement. Done early, the announcement works well with projected plans and what that means for the company. Once it starts to pass the 3-month mark, the announcement will have to be bolstered with developments for the gap in between to make it relevant. Plans that would work in a timely announcement will need to be more tangible to make it relevant.
MOU/partnerships - 1 month
With companies merging, corporate communications will normally have a field day deciding who says what they want to say. MOUs are the start of a serious conversation leading to more, whereas official partnerships are seen as a firmer arrangement. With late announcements, there can be a perception of uncertainty that there could be trouble in paradise.
Key hires - 3 months
It is good to have a superstar on the team. Companies will sometimes have to take into account any probation periods and to see if the said superstar is a good fit. There are times when there are industry rumours of the movement of prominent individuals and it can fall flat if they leave too early. Taking this into consideration, a later announcement involving a key hire should come with ongoing projects that showcase their expertise, and their role in elevating the company with a timeline, or else it will seem like an afterthought.
New products/technology - 2 weeks
Never underestimate the first-mover advantage. Granted, sometimes a lead-up and series of announcements can be made to build up hype which can work well depending on the quality of the final product. This is the big announcement for any company; why announce it late if the product is as good as it is? If the announcement has to be done late, it will help to give the uptake of the product/technology since then to make it compelling.
Merger and acquisitions - 2 weeks
The money is in the bank. The company doing the acquisition has the foresight, and the company being acquired has the potential. The angles will change slightly depending on who makes the announcement, with another volley from corporate communications. M&As don’t happen overnight, and there should be ample time to plan for the announcement. Anything later than 2 weeks will seem like buyer’s remorse and no one wins.
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We hope this gives you a perspective to better plan any press releases you have in mind. Remember - content, timing, and relevance!